Automobiles Industry in India

India is among the world's largest vehicle markets, and demand follows household incomes, vehicle finance, fuel costs, farm output and freight. This page measures the whole industry, listed and private vehicle makers together, from statutory filings and exchange prices, and sets it against suppliers, customers, buyer searches, news, geography and the wider automobiles ecosystem.

Top automobiles companies in India (listed and private)

Frequently asked questions

How large is the automobiles industry in India?

55 automobiles companies with statutory filings (20 listed, 35 private) reported combined revenue of ₹13.51 lakh crore in FY2025, +6.0% on the same companies, and aggregate EBITDA of ₹2.06 lakh crore. As filed each year, combined revenue was ₹7.29 lakh crore in FY2018, reached ₹13.51 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 15 listed companies with an exchange price are worth ₹15.54 lakh crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Improving. The aggregate EBITDA margin of automobiles companies was 15.3% in FY2025, 0.5 pts above FY2024, the highest in the period. Profit after tax margin was 7.4% (+0.2 pts on FY2024). Aggregate EBITDA of listed and private automobiles companies moved +123% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹2.06 lakh crore (+9.6% on FY2024).

Which companies are leading the automobiles industry?

By FY2025 revenue the largest automobiles companies are Tata Motors Passenger Vehicles (₹4.40 lakh crore, 14.2% EBITDA margin); Mahindra and Mahindra (₹1.59 lakh crore, 20.5% EBITDA margin); Maruti Suzuki India (₹1.53 lakh crore, 16.5% EBITDA margin); Hyundai Motor India (₹69,193 crore, 14.2% EBITDA margin); Toyota Kirloskar Motor (₹64,895 crore, 13.0% EBITDA margin, private). Among the ten largest, Bajaj Auto (23.4%) and Mahindra and Mahindra (20.5%) earn the widest EBITDA margins and Toyota Kirloskar Motor (13.0%) the thinnest. 14 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Net tone of emissions regulation stories fell from +89 to +78 (-11 pts) over 1,501 stories, the largest drop of any theme. In buyer searches: Search interest in trucks, pickups and commercial vehicles queries (tata ace price, truck price, mahindra jeeto price) was +14% in the 12 months to 2026-09 vs the prior 12, led by “truck price” (+22%), followed by electric cars and electric scooters (+14%); mileage, range and specifications moved -6%.

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Coverage of emissions regulation turned more negative (Automobiles in the news). Automobiles EBITDA grew 123% since FY2022 (Industry financials). 12 private automobiles makers pass an IPO-readiness screen (Top automobiles companies in India). Trucks, pickups and commercial vehicles searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 16.6× and median P/E 28.6× across 15 priced automobiles companies. (Market capitalisation & valuation).

How are automobiles stocks valued?

The median trailing P/E is 28.6× and the median EV/EBITDA 16.6× across 15 priced companies.

What is the automobiles industry?

The automobiles industry designs, builds and sells passenger cars and sport utility vehicles, commercial vehicles such as trucks and buses, motorcycles and scooters, three-wheelers and tractors. Makers buy steel, components and electronics from suppliers and sell through dealer networks to households, fleet operators, farmers and exporters.

What does this page cover?

Listed vehicle makers from the exchange-listed segment, plus a hand-reviewed list of unlisted makers of cars, commercial vehicles, two- and three-wheelers, tractors and bus and truck bodies. Dealers and showrooms, component and tyre makers, bicycle makers, sales companies whose vehicles are built by a sister company, and subsidiaries that report inside a listed parent (for example the electric-vehicle and passenger-vehicle subsidiaries of Tata Motors, Mahindra Electric and Suzuki Motor Gujarat inside Maruti Suzuki) are left out of the company totals; the ecosystem section covers component makers, dealers and body builders by sub-sector.

Research information, not investment advice.